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that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this problem after a while. do you think we're headed for a full stalemate? >> it's such a shame. i think david is right because we have low debt service right now. we're paying less interest on our debt than we had in the reagan and bush administrations before because interest rates are so low. >> but they're going to go up one day. >> but not for several years. i'll say it, we should be borrowing more at 30-year, 3% terms, so we can invest in the long-term growth of this economy. this is not the time for further austerity and cuts. if we were even to consider that right now, it would be
that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this...
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Jan 14, 2013
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and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably stable government, you have a lot of running room on these things. so am i worried? yeah, i mean, i am worried about the u.s. fiscal situation 20 years from now. we do have a problem of health care costs and so on. but, you know, i'm worried about a lot of other things 20 years as well. i'm not sure that even if you take that long term perspective, that the budget should be at the top of your list of things to be afraid of. i'm a lot more afraid, actually, of the great -- the entire southwest of the united states turning into a dustbowl because of
and japan famously has run deficits year after year. and it has a level of debt that is about twice what we've got as a share of gdp. and people have been predicting financial catastrophe for japan year after year for ten years or more. they've had downgrades. their debt was downgraded in 2002 by the major rating agencies. and everybody who believed those warnings and everybody -- has lost a lot of money. so it turns out that if you're an advanced country with its own currency and a reasonably...
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Jan 14, 2013
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not when it comes to our nation's finances, but this trust deficit in washington. the republicans, you have the president, doing this, boom, and just how is this even going to play out over the next couple of weeks? >> well, you have the debt ceiling, which is the current fight. and what you have is confrontation, not conversation. how is it going to play out? again, the president believes he has the political high ground now and he believes he's -- he believes his position is right. that you don't want to negotiate over the debt ceiling, let's have a bigger conversation. the republicans, they control the house of representatives, they still have a decent chunk of votes, the democrats control the senate, they say no way, sir. and so you have this fight over the debt ceiling, but it is about bigger issues. the debt ceiling has nothing to do with immigration reform, nothing to do with the proposals on gun control, nothing to do with anything else the president might want to do in his second term, but guess what, it does affect the climate in washington. and the fact
not when it comes to our nation's finances, but this trust deficit in washington. the republicans, you have the president, doing this, boom, and just how is this even going to play out over the next couple of weeks? >> well, you have the debt ceiling, which is the current fight. and what you have is confrontation, not conversation. how is it going to play out? again, the president believes he has the political high ground now and he believes he's -- he believes his position is right. that...
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Jan 14, 2013
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and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. we are not a deadbeat nation. >> thank goodness. but next, news flash, we already hit the ceiling two weeks ago. and the treasury's been using, quote, extraordinary measures to pay its bills. what does that even mean? the money shuffle can't last forever. the u.s. is out of money to pay its bills, it's already spent in less than four weeks. i have cousins that do that. they play to hold the debt ceiling hostage. aides say half the conference is ready to let the nation default. speaker boehner will school them on the real threat later this week. even a temporary extension for, say, two or three months could rattle the markets and threaten the nation's credit rating. last time they hashled out a debt deal? summer of 2011 and we ended up more than a trillion dollars in mandatory spending cuts and congress still hasn't addressed and delayed again until marc
and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. it's absurd. we are not a deadbeat nation. >> thank goodness. but next, news flash, we already hit the ceiling two weeks ago. and the treasury's been using, quote, extraordinary measures to pay its bills. what does that even mean? the money shuffle can't last forever. the u.s. is out of money to pay its bills, it's...
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Jan 21, 2013
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action by the government and when you look at the biggest issue that we face of this era, it's the deficit. it's the trillion dollars of debt and the president didn't really talk about that. he talked about, we're not a nation of takers but that we've become a nation of debtors. >> the president clearly is a smart man, a smart politician. he's also a writer, a thoughtful person. if that is the speech, if the speech as ari described, why would he decide to give that speech? what's the political goal? >> this is the last time he's getting sworn in as president of the united states. that's why. i think it's martin luther king day. martin luther king was courageous. martin made this point earlier that perhaps the president had some sense of guilt about not doing gun control and that it took newtown to get him to do that and so this is the speech you get to give once and i think there may have been a sense he wanted to be aggressive because he could and because he had to set out what he believes he said, i'm not going to get all of it, don't let the perfect -- nothing can be perfect. but i do b
action by the government and when you look at the biggest issue that we face of this era, it's the deficit. it's the trillion dollars of debt and the president didn't really talk about that. he talked about, we're not a nation of takers but that we've become a nation of debtors. >> the president clearly is a smart man, a smart politician. he's also a writer, a thoughtful person. if that is the speech, if the speech as ari described, why would he decide to give that speech? what's the...
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Jan 18, 2013
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leading republicans are saying without a budget that includes a real plan to reduce the deficit, the nation faces the threat of a credit downgrade. bret? >> bret: mike, thank you. sticking with the tet and deficit issues, lawmakers on both sides of the aisle are talking about what to do in a worse case scenario. the government not having enough money to pay its bills. chief political correspondent carl cameron reports on a possible short-term solution that is getting a long look by some people. >> with the white house refusing to negotiate spending cuts and the democrat controlled senate unlikely to pass a budget as part of a long-term deal to raise the tet ceiling, pat toomey of pennsylvania is reintroducing legislation he says will avert the u.s. from defaulting on the debt. >> we must prioritize three categories of payments. one would be debt service, interest on the debt so we would haven't default. a second would be social curt payment to seniors so they don't worry whether the check is coming or not. the third is pay for the active duty military personnel. >> the white house is
leading republicans are saying without a budget that includes a real plan to reduce the deficit, the nation faces the threat of a credit downgrade. bret? >> bret: mike, thank you. sticking with the tet and deficit issues, lawmakers on both sides of the aisle are talking about what to do in a worse case scenario. the government not having enough money to pay its bills. chief political correspondent carl cameron reports on a possible short-term solution that is getting a long look by some...
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Jan 15, 2013
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that is if congress doesn't come up with what it calls a credible medium term deficit reduction plan. understand that fitch is not just looking for an 11th hour debt ceiling deal that sets the table for another mini crisis down the road. the federal government hit the debt limit as you know on december 31st. the treasury is using so-called extraordinary measures to pay its bills through mid-february or early march. now, fitch predicts washington will extend the debt ceiling despite the current war of words between president obama and republicans in congress. what happens if we get downgraded? it happened before. remember 2011, when standard & poor's did it. that hit markets and the wider economy hard, but it didn't cause interest rates to increase. this time could be different, however, because the rest of the world is getting its act together. even successful businesses like ford are worried. here's what ceo alan mulally told me today. >> i think the most important thing to your point is that we come together around a solution that allows us to live within our means, to reduce our bu
that is if congress doesn't come up with what it calls a credible medium term deficit reduction plan. understand that fitch is not just looking for an 11th hour debt ceiling deal that sets the table for another mini crisis down the road. the federal government hit the debt limit as you know on december 31st. the treasury is using so-called extraordinary measures to pay its bills through mid-february or early march. now, fitch predicts washington will extend the debt ceiling despite the current...
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there's actually been several rounds of deficit reduction worth reviewing. back in 2010 and '11, they put a bunch of continuing resolutions or kind of spending caps onto mostly discretionary programs. in 2011 when we had the debt ceiling debacle, they agreed to the budget control act which was another billion dollars, roughly, of cuts. again, mostly from if not entirely from discretionary programs. and then, of course, we had the fiscal cliff which was $650 billion of revenue increases. so so far, we've actually had $2.4 trillion over a ten-year period of deficit reduction. but about 30% of it has come from rev lienue increases and at the other 70% from come from spending cuts. entirely from discretionary programs. >> what's the budget control act? >> it's what came out of the last debt ceiling debacle when the republicans and the democrats agreed on this trillion dollars of roughly discretionary -- all discretionary spending reductions. but the point is, none of this really touches entitlements. none of it touches the mandatory. and its $2.4 trillion. >> wh
there's actually been several rounds of deficit reduction worth reviewing. back in 2010 and '11, they put a bunch of continuing resolutions or kind of spending caps onto mostly discretionary programs. in 2011 when we had the debt ceiling debacle, they agreed to the budget control act which was another billion dollars, roughly, of cuts. again, mostly from if not entirely from discretionary programs. and then, of course, we had the fiscal cliff which was $650 billion of revenue increases. so so...
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Jan 21, 2013
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what is the big vision for america from the republican party other than cutting the deficit? other than tackling debt? i don't think we've heard anything articulated on the level that the president did today and certainly in recent months from the right. and so in that way, you know, much respect to the chairman, we are friends and i respect his opinion, but i have not heard anything from the right that would counter the notion that the party is very much -- >> michael needs -- >> but my point isn't on policy. yeah, we're going to disagree -- the president laid out a collectivist agenda today and that's very clear. sgroo a collectivist agenda. >> yeah, where he said the individual can't succeed without the collective and that's just not true in the view of a lot of republicans. but that's not my point. my point was speaking to what howard was raising was that, you know, this broad brush that republicans are right now with their head in their soup lamenting the moment and i'm saying that's not necessarily true across the board. >> collectivist, where would it fit between maois
what is the big vision for america from the republican party other than cutting the deficit? other than tackling debt? i don't think we've heard anything articulated on the level that the president did today and certainly in recent months from the right. and so in that way, you know, much respect to the chairman, we are friends and i respect his opinion, but i have not heard anything from the right that would counter the notion that the party is very much -- >> michael needs -- >>...
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Jan 21, 2013
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>> we've nearly closed our structural deficit in maryland. it's because of job creation. we've recovered now, thanks to president obama's tough but right decisions, we've recovered 80% of what we lost in the bush recession. you talk about the hyperinflation and medicare medicaid, that's what the affordable care act was about. that's why the president did that. >> but first of all, we're not going to be able to grow out of our problems that we're facing with medicare and medicaid. we're just not. the numbers show that -- >> you agree with that right? >> wait a minute. that cbo also says though that even the affordable care act is not going to stop the ticking demographic time bomb. >> but the common platform that we now have with the affordable care act, if the states step up allows us to bend down that cost curve so we can invest in education, can invest in making college more affordable, can invest -- >> i have to ask you this question because people have said you're talking about possibly thinking about running four years from now. you do understand that people are goin
>> we've nearly closed our structural deficit in maryland. it's because of job creation. we've recovered now, thanks to president obama's tough but right decisions, we've recovered 80% of what we lost in the bush recession. you talk about the hyperinflation and medicare medicaid, that's what the affordable care act was about. that's why the president did that. >> but first of all, we're not going to be able to grow out of our problems that we're facing with medicare and medicaid....
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Jan 15, 2013
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he promised to pay down the deficit at least half in his first term. the first two years of his first term he had a democratic congress house and senate. he could have done anything he wanted. instead he put through an $800 billion stimulus bill and a $1.7 trillion obama care. if he wasn't going to address it then, when is he going to address it? he is essentially holding congress hostage right now and the american people with these scare tactics. >> okay, newt gingrich addressed this whole issue on "cbs this morning" and i'll read you what he said. "it isn't a smart fight for congressional republicans to pick, because in the end, it's a threat they can't sustain. no one is going to default, no one will allow the united states to not pay its bills, no one is going to accept the economic costs. it rallies the entire business community to the president's side." so even newt gingrich says this isn't a wise fight to pick. you may feel strongly about spending cuts but this isn't the right time to fight. >> when is the right time? when is the right time? bec
he promised to pay down the deficit at least half in his first term. the first two years of his first term he had a democratic congress house and senate. he could have done anything he wanted. instead he put through an $800 billion stimulus bill and a $1.7 trillion obama care. if he wasn't going to address it then, when is he going to address it? he is essentially holding congress hostage right now and the american people with these scare tactics. >> okay, newt gingrich addressed this...
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Jan 20, 2013
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two, bring down the debt and deficit spending. those are -- >> a balanced way. i'm sure he'll use that language as well. >> a balanced way. opposing goals, but he intends to do them both. >> lynn, do you think we'll hear any talk of energy or climate change at all in the speech tomorrow? >> i do. i think climate change will be an added starter when we look at agenda goals, and i don't know if we had this discussion two months ago, even if curbing gun violence would have been something we would have thought would come up tomorrow. >> yeah. >> but i think that it is -- it is just something that the obama administration did not put a super emphasis on in the last four years and will be something that we'll hear about, in addition to the things that bill talked about. but i think somehow that obama will try to still cast himself as somebody who can try to bring more calm voice to civic discourse. i don't see how it could happen right away, because it didn't happen in the last four years. not sure how he can figure out how to navigate is this time. >> let's listen to
two, bring down the debt and deficit spending. those are -- >> a balanced way. i'm sure he'll use that language as well. >> a balanced way. opposing goals, but he intends to do them both. >> lynn, do you think we'll hear any talk of energy or climate change at all in the speech tomorrow? >> i do. i think climate change will be an added starter when we look at agenda goals, and i don't know if we had this discussion two months ago, even if curbing gun violence would have...
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the huge budget arguments about to take place, the huge deficit spending stuff, the huge we're going to face it again, you know, debt ceiling stuff, what is the republican strategy in dealing with the democrats? david. >> you know, mike, i was on capitol hill this week talking to top republicans, and i'm getting a sense and you're seeing it written about as well, that they would maybe like to step away from the brink about the debt ceiling. they do want to force the issue about how can they get this president to agree to additional spending cuts? the debt ceiling is a dangerous game. i think they recognize that politically. they'll push -- the question is how -- how do they push on the debt ceiling? do they say, look, we'll give you a short-term extension of the debt ceiling for a certain amount of spending cuts, or we'll give you a long-term extension like you want for even more spending cuts. can they force entitlement reform around medicare, for instance, even some of the -- in their view -- more limited things that the president wants to do around means testing and age and indexi
the huge budget arguments about to take place, the huge deficit spending stuff, the huge we're going to face it again, you know, debt ceiling stuff, what is the republican strategy in dealing with the democrats? david. >> you know, mike, i was on capitol hill this week talking to top republicans, and i'm getting a sense and you're seeing it written about as well, that they would maybe like to step away from the brink about the debt ceiling. they do want to force the issue about how can...